TL; DR Breakdown
- Hackers hosts giveaway on hacked Indian PM Twitter account
- The hackers declared Bitcoin a legal tender
- India continues to work on crypto regulation
Over the last few years, Bitcoin has become an official language in the crypto market. With this, analysts and experts have advised people to hold the asset. But while it is easier said than done, some limiting factors are hindering the growth of the assets. These include scams, thefts, and hacks, that had been prevalent in the last few months. In another episode of the ills of crypto, the hacked Twitter account of Indian PM Narendra Modi tried to launch a fake Bitcoin giveaway in the early hours of today.
Hacked Indian PM Twitter account declares Bitcoin a legal tender
According to several sources in the country, after the account got compromised, it started to spread the gospel of Bitcoin and its adoption. The account still went as much as announcing the launch of a fake giveaway which will see 500 Bitcoin shared among Indian traders. Indian PM Modi has over the years backed digital assets to shine amid shouts of its potential.
Some weeks back, he voiced his opinion in a meeting with United States president Joe Biden where he said digital assets can help push democracy to more exposure. The Indian PM believes that countries need to work with citizens to provide the kind of democracy everyone wants. With India still in talks to make headway regarding the use and trade of crypto in the country, the hacked Indian PM Twitter account mentioned that it had become a legal tender.
India is still working on the regulation of digital assets
Before the hackers took the reins of the account forcefully, the Indian PM had about 73.4 million followers. Although the deed was said to have occurred some hours after midnight, one of the few people who first saw the first tweet as off was one of the Indian PMs followers.
She saw holes in the tweet which announced Bitcoin being a legal tender in the country, and the hackers added a link where people can take their share of the Bitcoin in the giveaway. Previously, the Indian PM’s Twitter account had been hacked to perpetrate crimes bordering from trying to swindle users to hosting a fake giveaway.
After the whole issue, the Indian PM has announced via Twitter that he has taken back his account after a brief hack by malicious actors. The proposed launch of the new crypto bill in India has become a topic of much discussion. This is owing to the proposed ban that could be slammed on private digital assets. Although the law has not yet been clearly defined, investors and traders in the country are now in panic mode.